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The proposed deal relates only to Moore Stephens LLP, consisting of the London, Birmingham, Reading, Bristol and Watford offices of the current Moore Stephens UK network. In London, BDO – with its head office in Baker Street – plans to take on a second office in the City to accommodate the growth and retain the city-based presence for clients after the merger.

Both currently top ten businesses, the combined firm will have gross annual revenue of £590m, with a headcount of around 5,000 people across the UK. The firm will take on the BDO brand, as it will remain part of BDO globally, the largest mid-tier accountancy organisation in the world with revenues of over $8bn (£6.2bn) and operating in 162 countries.

Partners of both firms have voted in favour of the merger, subject to final contracts.

Paul Eagland, managing partner of BDO, said: “We’ve always said that size isn’t a proxy for quality. A driver of this merger is one of sustainable and profitable growth that benefits our clients, people and capital markets alike.”

Simon Gallagher, managing partner of Moore Stephens, said: “To be entering final discussions to create the largest UK accountancy firm focused on entrepreneurially-spirited and fast-growing businesses is exciting – and critical for market competition. The proposed merger provides a platform for continued, sustainable growth, as well as offering something different to the market at this important time.”